Tether (USDT) stablecoin issuer will raise the bet on Bitcoin (BTC $35,349) mining by issuing a major debt facility to German-based BTC mining company Northern Data AG, stated Cointelegraph.
Sources revealed that Northern Data AG has secured a 575-million-euro ($610 million) debt financing facility from Tether. This is expected to drive further investments across its businesses, according to an announcement on November 2, 2023, Cointelegraph added.
It is expected that the debt capital aims to enable Northern Data Group to invest in its three business lines. The services might include its artificial intelligence cloud service provider Taiga Cloud, Ardent Data Centers and Peak Mining, the company’s mining business.
According to the announcement, the debt facility is unsecured, at standard market conditions, and has a term until January 1, 2030, Cointelegraph concluded.
(With insights from Cointelegraph)